What are the best personal loan rates?
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nandoDave
2 years ago
Expert Financial Adviser Answer
Darren Smith
answered 1 year ago
Personal loan rates are subject to fluctuation. most lenders will quote "typical" rates which in theory must apply to a majority of borrowers but that doesnt mean you will qualify for them. a good credit record could mean a better rate whereas a poor one could mean a worse rate.
as lenders can choose what rate to charge there is nothing to stop you applying for say a 9% rate but then only being offered a 19% rate. this could be because you are a bad risk of default or the lender might fear that you would repay them early (meaning less profit) and so they will charge you a higher rate to put you off or to make the profit in a shorter period.
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as lenders can choose what rate to charge there is nothing to stop you applying for say a 9% rate but then only being offered a 19% rate. this could be because you are a bad risk of default or the lender might fear that you would repay them early (meaning less profit) and so they will charge you a higher rate to put you off or to make the profit in a shorter period.
